Jobless claims down 2,000 to 393,000

DanielF. Floyd

WASHINGTON (CBS.MW) -- First-time claims for state unemployment benefits fell 2,000 in the latest week to 393,000, the Labor Department said Thursday.

Economists polled by CBS.MarketWatch.com had anticipated a level of 389,000 for the week ended June 15. See Economic Calendar.

Claims in the previous week were revised higher, to a reading of 395,000 from 390,000.

The four-week moving average, which smoothes out week-to-week fluctuations, came in at 396,250 claims, down 7,250 from the previous week's revised average of 403,500.

Continuing claims during the week ended June 8 were 3.8 million, up 23,000 from the preceding week's revised level. The four-week moving average was 3.8 million, down 14,250 from the previous week.

The trend in jobless claims is lower, said Ian Shepherdson, chief U.S. economist at High Frequency Economics. He noted that for the first time since mid-March, there have now claims figures below 400,000 for three weeks running.

Still, claims seem "stalled near the 400,000 level, the break level for improved versus worsening conditions, which suggests that there will be continued uncertainty/weakness in the labor market," said Drew Matus, economist at Lehman Brothers.

In separate reports, the Commerce Department said the trade deficit widened to a record $35.9 billion in April while the nation's current account deficit rose to a record $112.5 billion in the first quarter, equating to 4.3 percent of gross domestic product. See full story.

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